The wealth pump is that difference between real median earnings and real GDP per capita. You will see that the real wages tracked the growth of real GDP--meaning that workers and employees shared in that increased GDP--until about 1970. Part of the reason that employers were able to break earnings loose from GDP was because of what is shown in the chart below:
You will notice that the inflection point in this graph was also about 1970. This is why a man could support his family on a single income in the 1950s and '60s, but two income households struggle today.
Turchin FTW! And us for the loss.
ReplyDeleteI was more focused on the blue line in the immigration chart, but looking at the orange line--the percentage of the population that are from immigrants--it matches up with the last civil war, labor violence, and anarchist terrorist campaigns.
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